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Bitcoin’s impacts on climate and the environment: The cryptocurrency’s high value comes at a high cost to the planet

Author

Listed:
  • Cho, Renee

    (Columbia University)

Abstract

Bitcoin, with a market cap of U.S.$727 billion, is the largest cryptocurrency in the world. It can be used to buy cars, furnishings, vacations, and much more. In 2011, one bitcoin was worth U.S.$1; at the time of writing this article each bitcoin is worth approximately U.S.$38,000. Because some bitcoin investors have become millionaires overnight, more and more people are intrigued by the possibility of striking it rich through investing in cryptocurrencies like bitcoin. But bitcoin’s rising popularity may make it impossible for the world to stave off the worst impacts of climate change, because the energy consumption of this cryptocurrency is enormous and its environmental implications are far-reaching.

Suggested Citation

  • Cho, Renee, 2022. "Bitcoin’s impacts on climate and the environment: The cryptocurrency’s high value comes at a high cost to the planet," Journal of Financial Transformation, Capco Institute, vol. 55, pages 76-81.
    • Handle: RePEc:ris:jofitr:1682
    as

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    More about this item

    Keywords

    Bitcoin; Cryptocurrencies; Climate Finance;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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